Mirae Asset Global Investments Co. Ltd. Trims Stake in Shopify Inc. (NYSE:SHOP)

Mirae Asset Global Investments Co. Ltd. decreased its stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 6.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 178,600 shares of the software maker’s stock after selling 11,771 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Shopify were worth $19,066,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Trust Co. of Vermont boosted its holdings in shares of Shopify by 9.9% in the 4th quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust boosted its holdings in Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after acquiring an additional 100 shares during the last quarter. Sunbelt Securities Inc. grew its position in Shopify by 0.7% during the third quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after acquiring an additional 105 shares during the period. Redhawk Wealth Advisors Inc. increased its stake in Shopify by 3.3% during the fourth quarter. Redhawk Wealth Advisors Inc. now owns 3,358 shares of the software maker’s stock worth $357,000 after acquiring an additional 107 shares during the last quarter. Finally, Moser Wealth Advisors LLC lifted its stake in shares of Shopify by 1.4% in the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after purchasing an additional 128 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Moffett Nathanson raised their price target on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Canaccord Genuity Group raised their target price on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Loop Capital raised shares of Shopify from a “hold” rating to a “buy” rating and upped their price target for the stock from $110.00 to $140.00 in a research report on Friday, December 6th. Oppenheimer raised their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their target price on Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $100.32.

Shopify Stock Up 2.3 %

SHOP opened at $121.89 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $122.00. The stock’s 50 day moving average price is $110.57 and its 200 day moving average price is $89.73. The stock has a market cap of $157.49 billion, a P/E ratio of 113.91, a P/E/G ratio of 2.46 and a beta of 2.47.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.